Lakeview Park Owners Association Inc

What Lakeview Park Owners Association Inc's governing documents say

Lakeview Park is a master-planned community in Durham, NC, governed by a master declaration that creates a homeowners association (LakeView Park Owners Association, Inc.) and sets out covenants, conditions, and restrictions for all property owners. This document is the master declaration for the entire development, which includes multiple parcels (likely a mix of residential and multifamily uses) and common areas. It binds all current and future owners of property within the development, and it establishes the association's powers, assessment obligations, and architectural review process.

• What you own & maintain: You own your individual parcel (lot) and any improvements on it. The association owns and maintains the common areas, which include the entry features, roadways (private streets), common utility lines, and other shared areas. You are responsible for maintaining your own parcel, including any private utility lines that serve it.
• Assessments & fees: All owners must pay annual assessments to fund maintenance of common areas, insurance, and other association expenses. Special assessments may be levied for major capital improvements or to recover unpaid assessments from a foreclosed owner. The initial annual budget requires approval of the multifamily owner (Lot 3), and annual assessment increases over 10% (excluding tax and insurance increases) require a two-thirds vote of owners.
• Architectural review: An Architectural Review Committee (ARC) must approve any exterior improvements, including buildings, landscaping, fencing, signs, and site changes that are visible from public rights-of-way or the primary road. The ARC also approves the location and design of underground private utility lines. You must obtain written approval before making such changes.
• Roadways & parking: The roadways within the development are private and maintained by the association. Parking along the primary road is restricted: the west side is for the multifamily owner and its occupants, and the east side is for the owners of adjacent parcels east of the road. Construction vehicles are prohibited on the primary road once it is completed.
• Enforcement & liens: The association can enforce the covenants through legal action, and unpaid assessments become a lien on your property. The declaration includes a special mortgage that allows the association to foreclose on your parcel if you fail to pay assessments or comply with the rules. Interest on unpaid assessments accrues at 18% per year, though it is waived if paid within 30 days of the due date.
• Voting & membership: Every owner is a mandatory member of the association. Voting is based on the membership interest assigned to each parcel (as shown in Exhibit C), with specific vote allocations for certain lots (e.g., Lot 4 has 48 votes, Lot 2 has 1 vote). If more than one acre is annexed or Lot 2 is used for a purpose other than multifamily with 21 or fewer units, voting is reallocated based on acreage.
• What this document doesn't cover: This is the master declaration for the overall development; it does not contain specific rules for individual sub-associations or detailed design guidelines (which are adopted separately). It also does not address day-to-day operational rules like pet restrictions, rental terms, or noise, which may be covered in the association's bylaws or rules and regulations.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.